BAY AREA OPPORTUNITIES ABOUND

There are a multitude of insole products on the market, but those designed specifically for foot shapes that cater to locals are rare. This is why Hong Kong youngster Mike Lo launched his own brand, aiming to create insoles that meet the precise needs of users.

Mike’s vision extends beyond local development and he aspires to penetrate the vast market of Mainland cities within the Greater Bay Area.

Encouraging entrepreneurship

Establishing a company and developing products necessitates substantial funding.

The Government is committed to encouraging and supporting Hong Kong youth in pursuing innovation and entrepreneurship. Recognising the needs of aspiring entrepreneurs like Mike, it launched the Funding Scheme for Youth Entrepreneurship in the Guangdong-Hong Kong-Macao Greater Bay Area a few years ago.

The scheme subsidises non-governmental organisations (NGOs) to implement youth entrepreneurship projects, providing seed funding for youth startups and assisting them in setting up business in both Hong Kong and cities within the bay area.

The “StarAgent” programme launched by Po Leung Kuk is one of these subsidised projects. Through it, Mike's company successfully secured a grant of $600,000.

With the funding, he collaborated with a local university to conduct product development and trials, creating more suitable products for seniors suffering from conditions like plantar fasciitis, flat feet and diabetic foot.

“We also used part of the funds to develop moulds and products in factories in the Mainland,” Mike said.

After two years of trial and error, Mike ultimately launched his own version of pain-relieving insoles which help improve users' walking and standing posture, alleviating discomfort in the feet, knees, and lower back.

Community impact

Having achieved success in product development, Mike remains committed to giving back to the community.

He recently visited a public housing estate in Tuen Mun to measure the foot sizes of elderly residents, providing them with pain-relief insoles produced by his company.

He also attended a foot health awareness event organised by Po Leung Kuk to share foot care knowledge with the elderly.

Talking about his company's development, Mike said he is currently planning to expand its business in the bay area.

Field tour

Po Leung Kuk Youth Affairs Department Supervisor Catherine Liu noted that young people venturing into other cities in the Mainland inevitably face numerous concerns, including networking issues, startup costs, and local rules and regulations.

"Our aim is to help them overcome one hurdle after another."

In addition to providing up to $600,000 in funding, Po Leung Kuk offers a range of business incubation services, such as one-on-one professional consultations.

Before young entrepreneurs enter the Mainland market in the bay area, the programme also organises various business seminars.

Additionally, Po Leung Kuk takes them on visits to cities like Dongguan, Guangzhou, and Shenzhen. This helps them to familiarise themselves with startup hubs in Mainland cities of the bay area, allowing them to choose the most suitable place for their development.

Multi-benefit case

Tony Fung's extended reality technology company also benefited from the programme and received funding to set up offices in both Guangzhou and Hong Kong. His Hong Kong office focuses on game development, while the one in Guangzhou handles cloud and web development, with the two complementing each other’s strengths.

Specialised in combining various technologies such as artificial intelligence and augmented reality to create interactive experiences for entertainment and practical use, the content developed by the company involves community education, including themes such as mental health and drug abuse prevention, as well as e-sports.

With the help of the entrepreneurship programme, Tony is moving forward to expand the firm's client base throughout Guangzhou and other bay area cities, and engaging with local institutions to introduce services.

Mutually reinforcing

The Funding Scheme for Youth Entrepreneurship in the Guangdong-Hong Kong-Macao Greater Bay Area is a three-year programme. Under Secretary for Home & Youth Affairs Clarence Leung highlighted that the first round was extremely well-received.

The authorities partnered with 16 NGOs to fund a total of 217 teams, with about 70 of them successfully establishing themselves in various innovation and entrepreneurial bases in Mainland cities. As a result, the Government has launched a second round of the scheme.

Mr Leung said they saw a lot of young teams with a lot of ideas.

“They put the ideas into practice. We felt that the funding scheme was very successful. That is why we have the second cohort that started last year.”

In addition to this programme, Mr Leung added that the bureau also supports youth entrepreneurship through three other initiatives.

These include the Funding Scheme for Experiential Programmes at Innovation & Entrepreneurial Bases, which allows young people to explore startup base operations and policies.

Another strategy involves the Youth Start-up Internship Programme working in collaboration with the Hong Kong Science Park and Cyberport to provide internships at startup companies.

One more avenue of support is led by the Alliance of Hong Kong Youth Innovation & Entrepreneurial Bases in the Greater Bay Area, which organises diverse activities in co-operation with institutions from Guangdong and Hong Kong.

Collectively, the various initiatives backed by the bureau offer significant support to young entrepreneurs.

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